Unfunded Debt-continued.

The Unfunded Debt was increased by additional creations under the War Loan Acts, 1914 to 1919, and the Finance Act, 1920, as follows:

£

5 per cent. War Loan, 1929-47 (for National War Bonds converted) 4 per cent. War Loan, 1929-42 ( do.

147,010,907

do.

do.

)

646,258

National War Bonds (for U.S.A. Notes and Bonds converted).
Other Debt under War Loan Acts, 1914 to 1919 (see page 33).
Exchequer Bonds (£20) and National War Bonds (£110) for cash
Ways and Means Advances (net) ..

Increase

21,315,092 109,620,538

130

46,596,000

On the other hand, reductions were effected by the following means :— 5 per cent. War Loan, 1929-47 :

£

The Liabilities were reduced :-
By the operation of Terminable Annuities
By the redemption of Exchequer Bonds:-
Under Cunard Agreement (Money) Act, 1904
Capital Expenditure (Money) Act, 1904
Telephone Transfer Act, 1911

"

..

Under the Anglo-Persian Oil Company (Acquisition of Capital)
Act, 1919

Under Unemployment Insurance Acts, 1921

By Excess receipts of the Pacific Cable Board

3,773,715

130,000

1,534,300

341,100

978,923

2,400,000

20,762

9,178,800

Additional borrowings in the year led to an increase :—

*Net Increase of Gross Liabilities in 1922-23 (as on page 4).. £100,199,599

* The increase in the Nominal Gross Liability was not due to the borrowing of fresh cash, but to the following, among other causes :

Increase of nominal debt on conversion of :—

Exchequer, National War and Treasury Bonds into 3 per
cent. Conversion Loan

5 per cent. National War Bonds into 4 per cent. Treasury
Bonds

..

5 per cent. dollar Notes and Bonds into 5 per cent.
National War Bonds

Capitalisation of arrears of interest on U.S.A. Government Loan

127,864,564

386,768

2,485,284

107,914,036

Treasury Chambers.

December, 1923.

PART I. (CAPITAL ACCOUNT).

RETURN showing the Aggregate Gross Liabilities of the State as represented by TERMINABLE ANNUITIES, UNFUNDED DEBT, and other Liabilities in respect of Financial Year, from 1913-14 to 1922-23, both inclusive.

†The Exchequer Bonds issued under the Capital Expenditure (Money) Act, 1904, for the purposes of the Naval and Military Works Acts, under the Cunard Agreement (Money) Act, 1904, and under the Telephone Transfer Act, 1911, are not included in the Unfunded Debt (Cols. 3 and 4), but in the other Capital Liabilities (Col. 6.)

Funding Loan and Victory Bonds to these amounts were tendered for Death Duties under 9 & 10 Geo. V., c. 37, and are held by the National Debt Commissioners until drawn or paid off (see Appendix IV.). They are therefore included both in the columns for Liabilities and in that for Assets.

NOTE.—A reference to Appendix IV. will explain

PART I. (CAPITAL ACCOUNT).

the NOMINAL AMOUNT of FUNDED DEBT, Estimated Capital Liability in respect of DEBT; the Estimated Assets and the Exchequer Balances, at the close of each